No Comments

July Real Estate Forecast shows a highly active Summer market

The height of summer is here and the number of available listings proves that it’s been a busy summer for Bend Oregon Realtors. With things climbing in the market, like number of active listings, and the highest median home price in Bend has seen in the past 10 years, it’s been an active couple of months.

High Inventory

While it’s known that the summer months are typically the most active, this summer in the Central Oregon Real Estate Market has been highly active. The number of available listings grew from 442 to 570 in July, which goes to show that summer sales are in full swing. Everyone is getting their property listed, which means that it has officially become a buyer’s market. At the beginning of August, the number of listings has grown to 638, showing even more growth since the end of July.

Buyers can pick and choose the properties they want to look at, as there are plenty of different options available right now. With the influx of listings, sellers have to be careful of pricing. Buyer’s will can find exactly what they’re looking for, at multiple price points, so it’s important to talk listing price with your Bend Oregon Realtor before listing your home. It’s important to price your listing competitively, and increase your chances of a fast sale in this sellers’ market.

Median Sales Price

For a few months before the boom of summer, the median sales price of homes in Bend was on a decline. But that ended in June, when the median sales price jumped to $409,000. This is a record high for the past 10 years, and the first time in 10 years that the median price has topped $400,000.

June’s median home price was 7.9 percent higher than May’s median price, which is the highest month-to-month price jump we’ve seen since 2011. The median is the middle number of all listing prices, and not the average number of prices, which means that the number isn’t being skewed by high end home prices.

Consistent Sold and Pending Listings

There have been very slight changes to the pending and sold number of properties from June to July. Sold properties only varied by 3, going from 246 in June to 243 in July. With a consistent number of pending sales from June to July, 259 to 246, it shows that buyers aren’t slowing down. Buyers are taking advantage of the available number of listings, and it’s showing in sales and pending sales.

Take Away

Now is a great time to start looking for the perfect home for you, with lots of different properties to look at, call your Bend Realtor now. Duke Warner is available to help you buy the perfect home, or get a property listed. Visit us today at dukewarner.com, check out our Facebook page, or call us at (541) 382-8262.

No Comments

Location Vs. Space

When it comes to buying a home, the biggest debate almost always falls to what’s more important, location or space. While this is definitely a matter of budget, it’s important to consider the pros and cons of each. As your Bend Oregon Realtors, we’re here to break it down for you.

Location

For many the location of a future home has a lot to do with family. If you have children you want to be near good schools, parks, and in a good neighborhood. If you don’t have children, you might desire to be closer to different amenities, like shopping or restaurants. If you’re in between perhaps you’re planning ahead and want a different space to grow into.

If you’re looking with a family it can be hard to find the home of your dreams while still being close to the amenities you desire. Many new homes that are built have much smaller living spaces and bedrooms, which can put some buyers off that are looking for more space.

Size

As homes get smaller, so that developers can fit more homes in, size is becoming much more important than location. New build homes are getting close to half the size of homes build in the 50s. Three-bedroom homes are no longer a big three bedrooms, they feature two small bedrooms, and one smaller room that can function as a small office, but is legally defined as a bedroom. Two-bedroom homes are now more like one bedroom, with a small office. With a growing population in most areas, and especially in the Central Oregon Real Estate Market, size is now a hot commodity.

Finding the perfect location is still important to buyers, but the need for enough space is now overwhelmingly more important. In the great debate between location and space, location is now winning out, with many more buyers sacrificing their location needs in order to have more space to love comfortably enough.

Take Away

As the trend continues, the larger homes and properties with more space will become harder to find. Enlist the help of your Bend Oregon Realtor to find the perfect property before space is less common. When spacious homes become scarce, home buyers will turn to the location less and less.

Either way you get onto the property ladder is recommended. If you buy the property of your dreams but outside of the location you desire, or a small home close to everything you want, you’re still becoming a property owner. Call Duke Warner today if you have questions about how location vs. size could impact your house hunt in Central Oregon. Our Bend Realtors are ready to help find what’s best for you.

No Comments

Eclipse Preparedness: What you Need to Know

The Total Solar Eclipse is right around the corner, and soon we’ll start to see tourists pouring into Central Oregon. Madras will take the brunt of influx but we will definitely feel it here in Bend as well. There are an estimated 1 million visitors coming to Oregon alone to see the eclipse, and with Madras in the path of totality and named one of the best places in the country to see it, we’re going to get crowded. Here are some tips for surviving the eclipse and staying safe.

Prepare

You’ve heard it before and we’ll say it again: get stocked up. With the eclipse on Monday, Aug. 21, and the influx of people, you should be getting gas, groceries and all the essentials. Something most people may over look are prescriptions. If you take a daily prescription that you cannot live without, you should be checking how many you have left, and when you’ll be due for more. Be sure to get prescriptions filled before the Eclipse, and before the crush of people arrives in town.

Don’t forget your furry friends either. While you’re stocking up on food and water for your family, be sure to check and see if you have enough pet food to last through the eclipse.

Traffic

With all of the people coming to or through town, it’s important to note that getting anywhere quickly won’t be easy. If you’re planning to show your house, our tour around town to see available properties call you Bend Oregon Real Estate Agent and talk about rescheduling viewings, so it will be easier to get around town.

The advice that ODOT is giving is to leave for places early, and be prepared to stay there, and leave late. There will be traffic delays, backups and more. Check the ODOT traffic cams if you can, before you leave. Traffic is predicted to pick up on Thursday, August 17 the week before the eclipse, so be ready.

The Main Event

If you’re planning to enjoy the event, you’ll need viewing glasses. Sunglasses will not work, and the eclipse can harm your eyes, so it’s best to be sure you have proper eclipse eyewear. There are a few festivals that have been planned in the area in honor of the Eclipse, like the Oregon Solarfest in Madras.

However  you plan to spend Monday, August 21, be prepared for the unexpected, be prepared to wait, and be safe. If you need to, check in with the Central Oregon Emergency Information Network to stay up to date.

No Comments

Tips for First Time Home Sellers

When it comes to the real estate market, most consider what it’s like to be a buyer first. Being a seller takes up half of the equation too. If you’ve successfully purchased your first home, congratulations. If it’s time to sell your first home, our Bend Oregon Realtors are here to help with that too.

Your next buy

If you’re getting ready to sell your house, one of the most important steps, is being prepared for your next buy. If you plan ahead on your next purchase, it could save you some of the headache in selling your first property. Getting pre-approved for a mortgage before you sell your home, will help you find the next perfect property for you. Something that sellers often do is purchase a home that is contingent on the sale of the home you currently own. It can be difficult to look for homes, while you’re still paying for the one you currently live in. To help with your finances, you can make the sale of a new home, contingent upon the one you live in. That way, if the sale on your current property falls through, you’re not stuck paying for two mortgages while you’re only living in one.

Be Ready

An inspection can be a big part of the sale process. Be sure that your home is ready for showings as well as an inspection. Make sure your home is clean and ready for viewings, and try to take the time to fix any small projects you can. Small things like ripped screens, landscaping, etc. can really help the sale of your house, even though they’re small fixes. Buyers want properties that are move in ready, and a few things, however small, can jeopardize the sale.

Bend Oregon Real Estate Agents

Having the help of the right agent on your side, can make all the difference in a home sale. Bend Realtors know what the market is like, they know how fast things are selling, what kind of properties are desired, and what you can do to ensure that your home sells quickly and for the best price. Real estate agents will help you price the home right. While they can’t suggest the listing price, they can help you determine what other comparable homes in your area are going for.

Selling your home

Be sure to discuss what you will and won’t negotiate on ahead of time. Knowing your end goals for selling your home, can make negotiation simple. Make sure your home is available whenever someone wants to see it. While it can be hard to vacate your home at the drop of a hat, it’s important to let buyers into your home whenever they want to see it. If you restrict the showing schedule, it’s likely that buyers will move on and find other properties that they want to look at. If they find your home and want to look at it, they’ll likely want to see it immediately.

No Comments

June Real Estate Forecast shows Summer is here, with high inventory and sales

It’s the time of year that the real estate market in Central Oregon really takes off. Buyers and sellers alike should pay attention to the real estate market, to learn how it could affect real estate decisions, both listing and buying.

Higher Inventory

Over the past couple of months there has been a slight increase in the number of active listings, until June. In June the number of listings soared to 442 from 337 in May. This is expected, as the late spring and early summer months is the time when the real estate market really takes off in Central Oregon.

As the summer is the most active time for real estate activity, we do expect to see this trend continue throughout the summer, along with more sold listings and pending sales.

Consistent Pending Sales

If there’s ever a drop in the number of pending sales, it typically means that buyers are getting more cautious and are analyzing pricing more before purchasing. But given the consistent pending sales from May to June, buyers are loving the number of available listings, and sales haven’t slowed down.

More Sold Listings

While the number of sold listings stayed consistent in April and May, the number has climbed to 246 in June. This indicates that Summer is here, and the time to buy is now. With plenty of available listings on the market, there’s a home for everyone’s taste.

Typically, when there’s a wide inventory of properties, sellers have to consider more competitive pricing. When buyers are looking for the perfect home, they might be able to find similar homes at completely different price points. So as a seller, it’s time to talk to your Bend real estate broker, and make sure you’re priced competitively. Check out recent comparable sales in your neighborhood, and be sure that your pricing is where it should be. If your home is priced competitively, you’re more likely to get the right offer for your home

Find the perfect home with Duke Warner

Spring and Summer is the most active time of the year for real estate in Central Oregon. If you’re looking for a new property, or want to get something listed, Duke Warner Realty is ready to help. Visit us today at dukewarner.com, browse our Facebook page, or call us at (541) 382-8262.

No Comments

Best Seasons for Buying and Selling Property

It’s rumored that the spring and summer are the best seasons for selling your home, and that may be partially true. With every season, there comes pros and cons, and as a buyer or seller it simply depends on what you’re looking for and what the Central Oregon real estate market is like.

Spring and Summer Pros

Some think that spring is the best time to sell a home. It’s when buyers typically start coming out of the wood works to find the perfect property. It’s also the time of year that lots of listings come onto the market, so there’s more for buyers to look at.

One of the benefits of selling your home in the summer is that other homes near you are likely selling. If you have homes in your area that recently sold for a higher price, chances are that yours will sell for a higher price too. If you’re trying to sell your home in the summer, and the last comparable home sold near you was in the winter, it’s going to look like your home is listed for too high a price. So selling your home in the “on season” gets you a better price for your property. If you can afford to, try to wait to list your home until other homes near you have sold.

Another perk of selling in the summer is that the days are longer. People love to see homes in the daylight, and it can make or break the happy feel of a potential new home. The benefit of summer is that the sun shines all day, and there’s plenty of daylight for showings.

With more buyers, there could be more of a chance for a bidding war. While bidding wars are a hassle for buyers, they can be very beneficial for sellers.

Spring and Summer Cons

Some of the cons of selling a home in the spring or summer is that buyers can be pickier. With a lot of potential listings on the market, buyers can pick and choose what they look at. With plenty of time in the summer to buy, potential buyers might not be tempted to purchase a home that needs work, they might just wait for a similar property that won’t require work.

Fall and Winter Cons

Some people may intentionally wait for winter to look for potential homes, as they believe they’ll find cheaper listings or better deals. Some investors wait to buy property in the winter, when pricing tends to be lower. Typically, people put their house on the market in the winter, because they have to, not because they’re shopping around to see what they can get. When people list their house in the winter, it’s typically because they need to move and are willing to accept most offers, whether or not they’re below asking price.

Fall and Winter Pros

With the need to sell your home quickly in the off season, also comes the need to buy a home quickly. With fewer listings on the market, determined home buyers will be quicker to make an offer on a property they like. Some off-season buyers are more focused on finding a home quickly.

No Comments

What Market Trends mean for Buyers and Sellers

We’ve all heard about real estate market trends, but do you know how they directly impact you? Whether you’re buying or selling, trends will affect you differently. Learn about a few of the predicted trends of 2017 and how to navigate them.

Selling Quickly

Buying a home is getting faster. The average home stayed on the market for around 50 days in 2016, and we expect that it won’t get any slower here in Central Oregon. If you’re looking to sell your home, it’s better if you’re prepared to make a quick move. Years ago, you could put a house on the market and sit for months waiting for an offer. Now, if you’re listing a property, you should be ready to accept an offer and make a quick move. On the flip side, if you’re looking for homes, it’s best if you’re prepared to make a quick offer. In today’s market, you must be ready to move on a property or lose it.

First Time Homebuyers

This year has been predicted to be the year of the millennial. And with that comes more first-time homebuyers, and buyers that are younger. With the large mass of younger buyers, competition for properties might get stronger. Affordable starter homes will be a hot commodity, and will go pretty fast once listed.

Mortgage Rates

Mortgage rates can fall and rise, and they’ve been rising in 2017. When rates rise, it tends to mean that loans are more expensive. This can lead to a lower housing demand, which then turns around and raises homeownership.

Home Prices Rise

Home prices are expected to grow slowly as the year progresses. Price growth is great for current homeowners and investors, as their properties tend to increase in value. In some real estate markets, some home prices might expect to see a decrease in pricing, but only in higher level markets.

2017 Market

Just as predicted these factors are impacting the Central Oregon Real Estate Market. We can expect to see lower numbers of listings, as well as affordability issues caused by competitive buyers and offers. The current market benefits sellers as there are few listings, which drives higher pricing. However the market swings, it benefits someone, whether it’s a seller, or a first-time homebuyer. The good news is, the market is constantly changing.

No Comments

May Real Estate Forecast shows first time homebuyers driving pricing

Pricing in the Central Oregon real estate market is reaching record numbers, numbers we haven’t seen since the crash of the market. Pricing is growing each month, and several people are curious if we’re entering another housing bubble.

Housing bubbles are typically reached with faulty lending and speculation in the real estate market, amongst other things. The reason we know we’re not entering a bubble, is that the housing prices in Central Oregon are being driven up by sheer demand and competitive pricing.

First Time Homebuyers

With a high number of first time homebuyers, consisting of mostly millennials, affordable starter homes are selling quickly. Because we’re still experiencing a seller’s market, there aren’t as many available properties on the market, so when starter homes do become available, multiple offers are often received.

Given the low inventory, sellers are able to list their properties for higher prices. The market has sped up because of this. The time that properties are sitting on the market is decreasing. With offers being made quickly- properties are moving very fast.

Bend is a desirable place to live. Last summer we experienced lower than 1 percent vacancy in rental units, and our housing market is experiencing something similar to this at the moment. Typically, properties stay listed for a few months before a serious offer is made. This time has drastically decreased. The number of available properties has stayed consistent from spring, only growing from 308 in April to 337 in May and 442 as of June 1st.

Lower interest rates

While pricing may be high, interest rates on mortgages are at low. Average interest rates for a 30-year mortgages have dropped to 3.95 percent, which is an all-time calendar low. So even though pricing may be high, buyers are still feeling confident in the lower mortgage rates available, and offers are still being made.

National Real Estate Forecast

Nationally there has been a predicted rise in home prices of up to 4.9 percent. This figure doesn’t represent towns that are growing as rapidly as Bend. There’s a possibility that prices may increase in Bend, even more than the national average predicts.

If you’re looking to list a property in Central Oregon, or need help making a competitive offer, Duke Warner Realty is ready to help. Visit us today at dukewarner.com, browse our Facebook page, or call us at (541) 382-8262.

No Comments

Mini Home Makeovers to grab Buyer’s attention

If you’re getting ready to sell your home there are a few things that you need to do to get it ready for showings. Keeping your home clean is paramount, as it inspires buyers to see the space and not the mess. Keeping your home clear of clutter is another important thing. Some suggest moving out all extra furniture, so that buyers can see what the space is really like, and see it as more of an open space. There are other small things that you can do to your home to make it more attractive. Here’s a list of mini makeovers that will really grab their attention.

Artwork

You make have collected lots of artwork over the years, and while it may mean a lot to you, it might detract from a potential buyers’ vision of the property. Try to keep your art to a minimum, keeping the walls clean and nearly bare with a few statement pieces here and there.

Throw Pillows

Whether it’s on a bed, chair or couch, grabbing some brightly colored or patterned pillows can make a space look completely updated and bright. Don’t go overboard on color, but try to find something that will give the room a little pop.

Mirrors

Mirrors can be a great way of making a smaller space feel much bigger. Find the perfect mirrors to hang in your space. Be strategic about where you hang them, at the end of a hallway, on a long wall. Hang them wherever the space feels a bit small, and it will make it feel more open.

Rugs

Another great way to make a room feel bigger is adding the right rug. Black and white runs, typically in stripes, can make a room feel much larger. If you’re looking to add a little character to a room, try adding a fun colored patterned rug.

Indoor plants

Indoor plants are a great way to add some freshness to the inside of your home. Plants in the kitchen, bathroom and living room add a great clean touch. Try some strategically placed plants on kitchen counters, or islands, near the sink in the bathroom, or on the coffee table in the living room.

Front door

You always want to make sure your entryway is inviting. It’s the first thing a potential homebuyer will see, and you want to make sure it sets the tone for the showing. You want your entry way, front door and walkway to be clean and well taken care of. It tells the buyer how well you take care of the house, and what condition they can expect that it will be in.

Take away

There are a lot of small things that can really make a buyer feel at home. By doing these small things your property could make quite an impression on buyers. As Bend Oregon Realtors, we suggest you keep it clean and tidy, and freshen up your space with a mini makeover or two. And wait for the offers to flood in.

No Comments

Buying a Family Home: Things to Consider

If the time has come to buy the perfect home for your family, whether it’s new or simply growing, there are some important factors to consider before putting in an offer on a property. Here are our top tips for families looking for their next home.

Budget

While we know that budgeting for a home is hard, it’s important to consider all of the other things you need to budget for. Budget for your actual move. Moving vans can be expensive, whether you’re paying for weight or distance. Are you going to need new furniture when you move? That can add up and it’s important to budget that in before you make an offer on your dream property. If your dream home is a bit of a fixer upper, it’s also important to factor in your budget for renovations.

Size

If your family is growing, it’s important to consider how much space this home has. Will it allow your family to grow, or is it only perfect for right now? If you know your family will continue to grow, buy a house that will allow you to expand.

Does it have the backyard you’re wanting for the size of family you have? If you like to entertain, be sure to factor in how big the kitchen, dining room, or living room needs to be.

Neighborhood

It’s important to take note of the neighborhoods that you’re looking in. Is it new or old? They both have advantages. New neighborhoods typically see younger families moving in, but older neighborhoods they’re typically more established with more mature trees and parks. The con of older neighborhoods is that the houses may be older and require more work. With younger or newer areas, they may take time to grow trees, and build parks.

Take note of the neighborhood amenities. There may be trail systems, parks, shops or restaurants nearby. These are great things that can really improve the quality of a home. It’s also a good idea to note if there are busy roads close to the property. Does the neighborhood have good sidewalks and safe crosswalks? Take a look at these factors, as they’re easy to overlook when you fall in love with a property.

Location

What schools are closest to the new property? You may want to consider what school system you want to be in, and the house you buy could determine that. Another factor that some might forget to consider, is how close the property is to other amenities like grocery stores, restaurants, movie theaters, etc. If you want to be close to your place of work, know which neighborhoods you’re looking in and ask your Bend Oregon realtor to help you find a property that fits your needs..